Equity release for over 55s

AKORN Financial Advice Ltd has always focused on providing the services that their clients need.

With an already established brand, through the work they do within the mortgage space, across the North West and beyond, it became apparent a number of years ago that adding the specialist area of Equity Release help more of their clients.

Launching its Equity Release service in 2019 has allowed the firm to provide a full suite of solutions to clients in almost any stage of life.

Colin Taylor, director of mortgage, protection and equity release, says: “Being able to provide this level of specialist advice enables us to help even more people and in the current economic climate this has really come into its own and has allowed us to stand apart from other firms."

Equity release allows a homeowner, aged 55 or over, to access some of the money (the equity) within in the value of their home. With the money released this way being spent on what they like.

Some of the most popular reasons for wanting to release equity in later life are:

• Clearing debt and therefore reducing monthly outgoings
• Helping a family member buy their first home
• Paying for home improvements or renovations to your home
• Making a major purchase, like a new car or caravan
• Taking that holiday of a lifetime.
• To supplement income in retirement.

Taking out an equity release mortgage allows you to do these things without having to sell the property, use other assets such as pensions and savings, or take out personal loans.

“Equity Release is not for everyone, but for the right circumstances it can be life changing. We’ve had clients who, without doing some form of Equity Release, would be faced with having to sell the homes they love”. 

Our experience means that we know most of the pitfalls and details around many of the specialist lenders, so you can rest assured knowing we’ll find the right options for you.

“It was published in the latest 2022 annual report from the Equity Release Council (of which we are members) that more than 93,000 new and returning customers borrowed £6.2bn.

"The industry is expanding at a rapid rate, it has almost doubled in size over the last five years, as more and more people want to remain in their home and use it to help fund retirement, larger purchases, holidays, to pay off debt etc…

"In addition to that the current climate we find ourselves in with high levels of inflation and subsequent higher interest rates means that peoples general finances are squeezed at both ends. We feel that we are in a great position to offer a solution to well rounded service for a client’s borrowing requirements and Equity Release is one of those specialisms” says Colin.

If you would like more information about any of the topics mentioned above, please contact one of the team at AKORN on [email protected] or 01254 584330 

Equity release may involve a home reversion plan or lifetime mortgage which is secured against your property. To understand the features and risks ask for a personalised illustration.